Bitcoin Surges Nearly 5% to $104,000 Amid Trump Executive Order Speculation
Bitcoin has resumed its upward trend, gaining nearly 5% within 24 hours, reaching $104,000. This surge coincides with reports that President-elect Donald Trump may prioritize cryptocurrencies upon taking office.
- The broader cryptocurrency market, represented by the CoinDesk 20 index, increased by 1%, following a 4% rise on Thursday.
- Shares of exchange platforms like Coinbase and Robinhood rose approximately 5% and 3%, respectively.
- Trump is expected to establish a crypto advisory council and discuss a national Bitcoin stockpile in an upcoming executive order.
- Analysts caution that while a pro-crypto administration is promising, immediate impacts may be limited.
Analysts project that new regulations could particularly benefit altcoins vulnerable to SEC lawsuits. Bitcoin's price performance aligns with the stock market, influenced by easing inflation concerns. Expectations are high for potential record-breaking prices due to anticipated announcements from the incoming administration.
- JPMorgan analyst Kenneth Worthington noted the limitations posed by reduced investor interest in other tokens.
- Crypto analyst Ali Martinez identified a bullish cup-and-handle pattern, suggesting a potential target of $276,400 for Bitcoin, indicating significant growth potential.
